Bitcoin

Bitcoin Briefly Surpasses $70,000 as GameStop Mania Spurs Crypto

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(Bloomberg) — Bitcoin briefly surpassed $70,000 as cryptocurrency investment products saw inflows for a fourth straight week and the latest GameStop frenzy fueled memecoin speculation.

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Crypto asset flows totaled $185 million in the week to May 31, according to CoinShares International Ltd. Investors in May sent $2 billion into digital asset investment products, including Bitcoin exchange-traded funds. Bitcoin briefly surpassed $70,000 on Monday morning for the first time in a week, while most other cryptocurrencies were mixed after an initial rise.

Traders said the earlier gains were likely the result of a knock-on effect from gains in GameStop shares driven by the Reddit account behind the 2021 meme stock craze.

A cryptocurrency on the Solana blockchain using GameStop’s name, logo and ticker rose more than 120% on Monday, according to tracker CoinGecko, even though the coin has no legitimate affiliation with the company. The move follows a surge in GameStop Corp. shares after Keith Gill, who goes by Roaring Kitty on X, posted a screenshot on Reddit on Sunday that revealed his large holding in GME stock. Dogwifhat, one of the most popular memecoins this year, has changed little.

“The gigantic GME derivatives position announced by Roaring Kitty on Sunday night served to catalyze the recovery in the crypto space, with a significant rise in Doge and BTC beginning moments after her Reddit post began circulating widely,” said Spencer Hallarn, global head of over-the-counter trading at digital asset firm GSR.

Also boosting the market are new fund inflows at the start of a new month, said Shiliang Tang, president of leading trading firm Arbelos Markets.

But with the cryptocurrency’s outperformance under the ticker GME, Tang said the GME news over the weekend remains the main contributor to the market’s gains.

Ethereum saw a second week of inflows, the Coinshares report added, following excitement over the approval of exchange-traded funds that invest directly in Ether in the US.

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